HONG KONG SAR – Media OutReach – September 13, 2023 – Today, a fintech thought leader, incubator and facilitator in the banking and finance sector, is set to redefine the financial landscape with the introduction of Banking Copilot and FINNOSafe as pioneers of generative AI and the web. 3.0 platforms in the Hong Kong financial sector. Powered by Microsoft Azure, these platforms demonstrate FORMS Syntron’s commitment to making banking and finance simpler, faster, smarter and more secure.
“Today marks an important milestone in our journey towards the future of banking,”
said Mr. Frank Chow, President of FORMS Syntron. “The Banking Copilot and FINNOSafe platforms reflect our desire for transformation within the financial services sector. As we enter the Web 3.0 era, characterized by the rise of central bank digital currencies (CBDCs), virtual assets and generative AI, we firmly believe that forward-thinking institutions must seize the opportunity to integrate these technologies into their strategies, business models and adoption plans. We are proud to be at the forefront of this change, enabling our customers to navigate the future of finance with confidence.
Banking co-pilot: streamlining compliance processes
Banking Copilot, an AI-powered compliance application platform, is designed to streamline compliance processes and address challenges related to the compliance talent shortage. By leveraging Azure OpenAI, which provides enterprise-grade security and reliability for AI workloads, it automates the collection and documentation of compliance data, performs risk assessment and mitigation, and improves overall governance. Banking Copilot compresses support document review tasks that would normally take six to eight weeks into hours via AI automation.
FORMS Syntron’s commitment to responsible AI ensures that its technical developments are both innovative and secure, allowing users to protect the privacy of their data. As part of responsible AI, Banking Copilot does not use customer data to train, retrain or improve models under Azure OpenAI.
FINNOSafe: Simplifying the Web 3.0 digital currency experience
An AI-powered Web 3.0 platform developed to simplify the digital currency experience for mass adoption, FINNOSafe offers two key services: the FINNOSafe wallet and tokenized asset custody. Backed by Microsoft Azure and enterprise-grade security features, FINNOSafe Wallet is a cold wallet enabling self-custody of digital assets and card payment, designed to securely store and transfer digital assets for customers and employees of financial institutions. FINNOSafe’s tokenized asset custody services, another key feature, will help major Hong Kong virtual asset market players enter the market under the new Virtual Asset Service Provider (VASP) regime .
Drawing on more than 20 years of experience in the financial industry, FORMS Syntron has built these platforms to help businesses meet increasingly stringent regulatory requirements and adapt to a rapidly changing environment. The collaboration between FORMS Syntron and Microsoft aims to drive widespread and secure use of generative AI in the financial sector.
“We are delighted to support FORMS Syntron’s initiative, demonstrating our shared passion for driving innovation in the financial sector,” added
Dr. Hou Yang, President and CEO, Microsoft Greater China Region. “With transformative cloud and generative AI solutions, Microsoft harnesses the exciting innovation of Hong Kong’s financial sector and builds a secure and efficient financial infrastructure platform with enterprise-grade security measures and management practices. Responsible AI. This collaboration underlines our commitment to strengthening digital Hong Kong. economic and strengthening its position as a leading international financial center.
FORMS Syntron’s first successes with BEA in AI and Web 3.0 pilot projects
FORMS Syntron’s early successes with The Bank of East Asia, Limited (“BEA”) in its AI and Web 3.0 pilot programs laid the foundation for their continued innovation. By leveraging the Banking Copilot and FINNOSafe collaboration program, BEA has successfully developed two visionary and first-in-class initiatives in Hong Kong.
BEA used FINNOSafe Wallet to drive a highly user-friendly native digital asset wallet to manage its self-created utility coin on the blockchain as part of a staff rewards program. BEA also used Banking Copilot to help the bank’s cybersecurity team conduct C-RAF assessments. Using Azure OpenAI, Banking Copilot automated the collection and documentation of compliance data; conducted self-assessments, early identification and mitigation of risks; as well as improved governance and increased regulatory and compliance maturity.
“At BEA, we recognize the enormous importance of teaming up with FORMS Syntron on the Banking Copilot and FINNOSafe collaboration program and
BE AST (BEA + Startups), BEA’s own fintech collaboration platform”, commented
Mr. Stephen Leung, Head of Information Technology and Financial Technology Development Department, The Bank of East Asia, Limited. “This partnership has allowed us to leverage cutting-edge technologies such as generative AI and Web 3.0 to drive innovation and reinvent possibilities within the financial industry.
As one of the leading companies in the Greater China region to introduce industry-specific generative AI and Web 3.0 platforms for the financial sector, FORMS Syntron remains at the forefront of fintech revolution. With the philosophy of creating a safer environment for innovation in banking and finance, these platforms enable banking and financial institutions to innovate and transform, paving the way for a new digital era.
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